Peak Financial Management Inc. Sells 84 Shares of AbbVie Inc. (NYSE:ABBV)

Peak Financial Management Inc. cut its position in shares of AbbVie Inc. (NYSE:ABBV) by 6.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,164 shares of the company’s stock after selling 84 shares during the quarter. Peak Financial Management Inc.’s holdings in AbbVie were worth $230,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Scarborough Advisors LLC bought a new stake in AbbVie in the fourth quarter worth $164,000. Wellington Management Group LLP boosted its holdings in AbbVie by 128.5% in the fourth quarter. Wellington Management Group LLP now owns 954,374 shares of the company’s stock worth $147,899,000 after acquiring an additional 536,730 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in AbbVie in the fourth quarter worth $626,000. Fairman Group LLC bought a new stake in AbbVie in the fourth quarter worth $77,000. Finally, HighPoint Advisor Group LLC purchased a new position in shares of AbbVie in the fourth quarter worth $27,290,000. 70.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ABBV shares. Morgan Stanley boosted their price target on AbbVie from $211.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Wells Fargo & Company boosted their price target on AbbVie from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. BMO Capital Markets boosted their price target on AbbVie from $180.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, July 19th. William Blair upgraded AbbVie to a “strong-buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of AbbVie in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $198.00.

Insider Transactions at AbbVie

In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Richard A. Gonzalez sold 66,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $186.52, for a total transaction of $12,403,580.00. Following the completion of the transaction, the chairman now directly owns 446,599 shares of the company’s stock, valued at approximately $83,299,645.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard A. Gonzalez sold 282,845 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $175.00, for a total value of $49,497,875.00. Following the transaction, the chairman now directly owns 513,099 shares of the company’s stock, valued at approximately $89,792,325. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company’s stock.

AbbVie Stock Performance

ABBV traded down $3.79 during midday trading on Tuesday, reaching $191.86. The company had a trading volume of 6,027,894 shares, compared to its average volume of 5,300,183. The company has a quick ratio of 0.71, a current ratio of 0.81 and a debt-to-equity ratio of 8.51. The business has a 50-day moving average of $194.31 and a two-hundred day moving average of $177.47. The company has a market cap of $338.80 billion, a P/E ratio of 58.12, a P/E/G ratio of 2.66 and a beta of 0.63. AbbVie Inc. has a 1 year low of $135.85 and a 1 year high of $199.95.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 25th. The company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.08. The firm had revenue of $14.46 billion during the quarter, compared to analyst estimates of $14.02 billion. AbbVie had a return on equity of 203.66% and a net margin of 9.71%. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.91 earnings per share. As a group, equities research analysts predict that AbbVie Inc. will post 10.85 earnings per share for the current fiscal year.

AbbVie Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, October 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Tuesday, October 15th. AbbVie’s dividend payout ratio (DPR) is 183.98%.

AbbVie Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.